AlixPartners

AlixPartners was founded in 1981 as Jay Alix & Associates PC in Southfield, Michigan, by Jay Alix, a Detroit-area Certified Public Accountant (CPA). According to BusinessWeek, the "firm pioneered consulting to companies in or near bankruptcy". It first found public recognition in 1984, when working with the bankrupt automotive company DeLorean Motor Co, finding an additional $100 million for the company's creditors.

AlixPartners' work includes enterprise improvement consulting, financial advisory services, information management services, and executing turnarounds of distressed and healthy companies. AlixPartners has been involved in several high-profile turnaround and bankruptcy assignments including GM's Saab division,New York Times, "G.M. Hires AlixPartners to Wind Down Saab", Jan. 8, 2009, http://dealbook.nytimes.com/2010/01/08/gm-hires-alixpartners-to-wind-down-saab/ Kodak,New York Times, "Kodak Replaces Its Restructuring Chief", Jan 23, 2012, http://dealbook.nytimes.com/2012/01/23/kodak-replaces-its-restructuring-chief/ Barney's New York,New York Times, "Barneys, Debt-Laden, Is Weighing Restructuring", Feb 8, 2012, http://dealbook.nytimes.com/2012/02/08/barneys-debt-laden-is-weighing-restructuring/ and JC Penney.{{Cite news |last=Mattioli |first=Mike Spector, Emily Glazer and Dana |date=2013-04-23 |title=J.C. Penney Working With AlixPartners on Cost Savings |language=en-US |work=Wall Street Journal |url=http://online.wsj.com/article/SB10001424127887323551004578441033948964810.html |access-date=2022-08-05 |issn=0099-9660}}

In 2006, private equity firm Hellman & Friedman invested in AlixPartners. In 2012, CVC Capital Partners acquired AlixPartners from Hellman & Friedman.{{Cite web|last=Merced|first=Michael J. de la|date=2012-06-24|title=CVC Capital Clinches AlixPartners Deal|url=https://dealbook.nytimes.com/2012/04/24/cvc-clinches-deal-for-alixpartners/|access-date=2019-06-21|website=DealBook|language=en}}

In December 2014 the firm purchased Evidence Exchange, a litigation support company.{{Cite web|url=https://www.consultancy.uk/news/1235/alixpartners-buys-new-yorkbased-evidence-exchange|title=AlixPartners buys New York-based Evidence Exchange|website=www.consultancy.uk|date=23 December 2014|language=en|access-date=2019-06-21}}

In February 2015, AlixPartners purchased Zolfo Cooper's UK & European operations for $100 million.{{Cite web|url=https://www.accountancyage.com/aa/news/2395437/alix-partners-to-acquire-zolfo-coopers-uk-european-operatons|title=Alix Partners to acquire Zolfo Cooper's UK & European {{sic|oper|atons|nolink=y}} |date=2015-02-16|website=Accountancy Age|language=en-GB|access-date=2019-06-21}} In November 2018, the firm completed the acquisition of independent financial advisory and interim management firm Zolfo Cooper, thereby increasing the turnaround and restructuring group to nearly 350 employees worldwide.{{Cite web|url=http://www.abladvisor.com/news/15153/alixpartners-completes-acquisition-of-zolfo-cooper|title=AlixPartners Completes Acquisition of Zolfo Cooper - News {{!}} ABL Advisor|website=www.abladvisor.com|access-date=2019-06-21}}

In January 2016, AlixPartners UK managing director and former Zolfo Cooper Europe CEO Simon Freakley succeeded Fred Crawford as the company's CEO.{{Cite news|url=https://www.wsj.com/articles/alixpartners-names-simon-freakley-as-next-ceo-1438584074|title=AlixPartners Names Simon Freakley as Next CEO|last=Pollock|first=Lauren|newspaper=Wall Street Journal|date=3 August 2015|language=en-US|access-date=2019-06-21}} That year, CVC Capital Partners agreed to sell its stake in AlixPartners to company founder Jay Alix as well as Caisse de dépôt et placement du Québec, Public Sector Pension Investment Board, and Investcorp.

AlixPartners acquired Matrix Economics and Freeh Group (led by former FBI director Louis Freeh) for their investigations and compliance practices in 2020.{{Cite news|last=Merken|first=Sara|date=2020-08-04|title=AlixPartners lands former FBI director in acquiring Freeh Group International Solutions|language=en|work=Reuters|url=https://www.reuters.com/article/alix-freeh-idUSL1N2F62LL|access-date=2021-06-14}}{{Cite web|date=2020-06-01|title=AlixPartners buys antitrust litigation specialist Matrix Economics|url=https://www.consulting.us/news/4305/alixpartners-buys-antitrust-litigation-specialist-matrix-economics|access-date=2021-06-14|website=www.consulting.us|language=en}} In November 2021, AlixPartners announced a partnership with Palantir for shared clients to utilize Palantir's Foundry analytics platform.{{cite web |title=AlixPartners adds Palantir's Foundry platform to its offerings |url=https://www.consulting.us/news/6817/alixpartners-adds-palantirs-foundry-platform-to-its-offerings |website=www.consulting.us |access-date=19 November 2021 |language=en |date=10 November 2021}} In February 2023, AlixPartners announced the acquisition of London-based advisory firm THM Partners.{{Cite web |title=Professional services firm AlixPartners agreed swoop on rival THM |url=https://news.sky.com/story/professional-services-firm-alixpartners-agreed-swoop-on-rival-thm-12811962 |access-date=2023-03-09 |website=Sky News |language=en}}

The company has built a mergers and acquisitions practice, working within large merger integration situations. Industries in which AlixPartners consults includes maritime and transportation,{{Cite web|url=https://www.joc.com/regulation-policy/trade-data/united-states-trade-data/tariffs-trucking-top-threats-top-100-us-importers-and-exporters_20180521.html|title=Trump Tariffs: Top 100 US Importers and Exporters - Tariffs, trucking pose biggest threats to US importers and exporters|website=www.joc.com|access-date=2019-06-21}} private equity,{{Cite web|url=https://www.pehub.com/2018/11/alixpartners-hires-md-for-pe-and-investors-practice/|title=AlixPartners hires MD for PE and investors practice|date=2018-11-05|website=PE Hub|access-date=2019-06-21}} automotive,{{Cite news|url=https://www.bloomberg.com/news/features/2019-02-28/this-is-what-peak-car-looks-like|title=This Is What Peak Car Looks Like|date=2019-02-28|access-date=2019-06-21|language=en}} energy and process or oil and gas industries,{{Cite web|url=http://www.abladvisor.com/news/16270/energy-industry-expert-joins-alixpartners-as-a-managing-director|title=Energy-Industry Expert Joins AlixPartners as a Managing Director - News {{!}} ABL Advisor|website=www.abladvisor.com|access-date=2019-06-21}} and aerospace. In March 2014, AlixPartners advised on the merger between JoS. A. Bank Clothiers and Men's Warehouse, two male clothing retailers.{{Cite web|url=https://www.chainstoreage.com/news/mens-wearhouse-engages-alixpartners-support-jos-bank-merger/|title=Men's Wearhouse engages AlixPartners to support Jos. A. Bank merger|date=2014-03-31|website=Chain Store Age|language=en-US|access-date=2019-06-21}} AlixPartners has consulted for companies including Airbus, Crocs, and William Morris Endeavor. Once hired by William Morris, AlixPartners was responsible for finding $120 million in cost-cutting measures for IMG before the two agencies merged.{{Cite news|url=https://www.wsj.com/articles/william-morris-endeavor-hires-adviser-to-cut-costs-at-img-1395060408|title=William Morris Endeavor Hires Adviser to Cut Costs at IMG|last=Dai|first=Shasha|date=2014-03-17|work=Wall Street Journal|access-date=2019-06-21|language=en-US|issn=0099-9660}}

In 2003, AlixPartners began working heavily in the automotive industry. Jay Alix himself worked with the Government of Japan in order to establish a business turnaround industry in Japan and business turnaround association.{{Cite news|url=https://www.japantimes.co.jp/news/2003/05/01/business/flailing-japanese-companies-government-turn-to-u-s-recovery-guru/|title=Flailing Japanese companies, government turn to U.S. recovery 'guru'|last=Otake|first=Tomoko|date=2003-05-01|work=The Japan Times Online|access-date=2019-06-21|language=en-US|issn=0447-5763}}

In September 2014, AlixPartners began the restructuring of the Puerto Rico Electric Power Authority (PREPA). The deal allowed PREPA to access a $280 million construction fund for infrastructure improvements for the country.{{Cite news|url=https://www.wsj.com/articles/alixpartners-will-lead-puerto-rico-power-authoritys-restructuring-1409871369|title=AlixPartners Will Lead Puerto Rico Power Authority's Restructuring|last=Kuriloff|first=Aaron|date=2014-09-04|work=Wall Street Journal|access-date=2019-06-21|language=en-US|issn=0099-9660}}

In 2015, the company started its Leadership & Organizational Effectiveness practice.{{Cite web|title=AlixPartners expands human capital advisory offering|url=https://www.consultancy.uk/news/1396/alixpartners-expands-human-capital-advisory-offering|access-date=2019-06-21|website=www.consultancy.uk|date=23 January 2015|language=en}}

AlixPartners helped Ukrainian bank PrivatBank recover over $5 billion in assets allegedly stolen by former shareholders in 2016.{{Cite web|title=Global Investigations Review - GIR 100 2020|url=https://globalinvestigationsreview.com/survey/gir-100/2020/organization-profile/alixpartners|access-date=2021-06-24|website=globalinvestigationsreview.com|language=en}} In response, former co-founder Ihor Kolomoyskyi filed a 2017 lawsuit against AlixPartners.{{Cite news|last=Zinets|first=Matthias Williams, Natalia|date=2017-11-24|title=Exclusive: Ukraine tycoon files suit against AlixPartners over PrivatBank nationalization|language=en|work=Reuters|url=https://www.reuters.com/article/us-ukraine-privatbank-exclusive-idUSKBN1DO2JT|access-date=2021-06-24}} The company also worked alongside Quinn Emanuel Urquhart & Sullivan and Niederer Kraft Frey in a case against Julius Baer, providing forensic services for an investigation into potential anti-money laundering and US sanctions violations.{{cite web |title=Global Investigations Review - GIR 100 2020 |url=https://globalinvestigationsreview.com/survey/gir-100/2020/organization-profile/alixpartners |website=globalinvestigationsreview.com |access-date=16 July 2021 |language=en}}

AlixPartners has advised numerous companies affected by the COVID-19 pandemic on debt management and restructuring, including Arabtec Holding, Cineworld, and JCPenney.{{Cite web|last=Stokes|first=Samantha|title=Turnaround consultant AlixPartners is 'recruiting like crazy'. Its restructuring group leaders lay out how the firm is prepping for an influx of work and the benefits of virtual war rooms.|url=https://www.businessinsider.com/alixpartners-is-expanding-to-handle-coronanvirus-restructuring-work-2020-10|access-date=2021-06-30|website=Business Insider|language=en-US}}{{Cite web|title=Cineworld screens AlixPartners for talks on $8bn debt pile|url=https://news.sky.com/story/cineworld-screens-alixpartners-for-talks-on-8bn-debt-pile-12111026|access-date=2021-06-30|website=Sky News|language=en}}

In 1990, Jack Sanders (great-grandson of Fred Sanders) and former co-owner Filipp Kreissel, filed a $6 million lawsuit against AlixPartners and a lender. The suit was dismissed by the judge during the first day of oral arguments in August 1990, who found the suit lacked merit.

In 2014, AlixPartners accused several executives exiting the firm to join McKinsey & Company of stealing trade secrets.{{Cite web|url=https://blogs.wsj.com/law/2014/04/10/alixpartners-accuses-directors-heading-to-mckinsey-of-trade-secret-theft/|title=AlixPartners Accuses Directors Heading to McKinsey of Trade-Secret Theft|last=Jones|first=Ashby|date=2014-04-10|website=WSJ|language=en-US|access-date=2019-06-21}}

In 2018, AlixPartners founder Jay Alix brought a lawsuit against McKinsey & Company, accusing the management consulting firm of misleading the bankruptcy courts about conflicts of interest.{{Cite news|url=https://www.nytimes.com/2019/04/11/business/jay-alix-mckinsey-bankruptcy.html|title=One Man vs. McKinsey: A Billionaire Says the Consultancy Has Rigged the Bankruptcy System|last=Walsh|first=Mary Williams|date=2019-04-11|work=The New York Times|access-date=2019-06-21|language=en-US|issn=0362-4331}} As of August 2023, McKinsey had lost its bid to end the racketeering litigation brought by Jay Alix.{{cite web

|title = McKinsey Ordered to Face Racketeering Lawsuit by Rival Jay Alix

|publisher = Bloomberg Law

|author = Mike Leonard

|date = August 22, 2023

|url = https://news.bloomberglaw.com/esg/mckinsey-ordered-to-face-racketeering-lawsuit-by-rival-jay-alix}}

The firm has received many awards and recognition for their work in the consulting space, including four of its consultants being selected as winners by the Turnaround Management Association (TMA) for its prestigious "Turnaround and Transaction of the Year" awards.{{Cite web|url=http://www.abladvisor.com/press-releases/14755/alixpartners-pros-honored-with-tma-turnaround-of-the-year-awards|title=AlixPartners Pros Honored with TMA "Turnaround of the Year" Awards - News {{!}} ABL Advisor|website=www.abladvisor.com|access-date=2019-06-21}} AlixPartners ranked #1 in the category "Transformation & Restructuring" in the renowned German management consulting ranking by Dietmar Fink, Top Management Consultancies 2018 and ranked #1 in the category "Turnaround & Restructuring" in the Swiss "Management Consulting 2019" of Gesellschaft für Management und Beratung (WGMB).

AlixPartners has also been recognized as a "Best Firm to Work For" by Consulting magazine,{{Cite web|url=http://www.consultingmag.com/2018/09/11/the-2018-best-firms-to-work-for-alixpartners/|title=The 2018 Best Firms to Work For: AlixPartners|website=Consultingmag.com|language=en|access-date=2019-06-21}} and one of the Best Management Consulting Firms in 2018 by Forbes.{{Cite web|url=https://www.forbes.com/best-management-consulting-firms/|title=America's Best Management Consulting Firms|website=Forbes|language=en|access-date=2019-06-21}} In addition to those awards, AlixPartners earned a score of 100% each year (since 2018) in the Human Rights Campaign Foundation's Corporate Equality Index, ranking as one of the "Best Places to Work for LGBTQ Equality".{{Cite web|url=http://www.hrc.org/resources/corporate-equality-index-2018-statements-from-employers-that-rated-100-perc/|title=CEI: 2018 Statements from Employers That Rated 100 Percent|last=Campaign|first=Human Rights|website=Human Rights Campaign|language=en|access-date=2019-06-21}}{{Cite web|date=2021-02-01|title=The top US consulting firms for LGBTQ employees and allies|url=https://www.consulting.us/news/5437/the-top-us-consulting-firms-for-lgbtq-employees-and-allies|access-date=2021-07-28|website=www.consulting.us|language=en}}

• [https://www.alixpartners.com Official website]

{{Consulting}}

Category:Strategy consulting firms of the United States

Category:Companies based in New York City

Category:Consulting firms established in 1981

Category:CVC Capital Partners companies